UBS has expressed its confidence that the employment of the staff of Credit Suisse will be continued.
This is from the press release. Maybe the CS IB people will be okay and incoming FT and SA can still have their contracts honored
Oh sweet summer child
💀
Pretty much everyone said the same thing before these other layoffs in tech and finance. Do not trust them at all
They are mostly talking about the PWM and the Swiss banking business which is core here. IB is not core and it’s possible vast majority of them will be let go. The senior bankers will then be picked up at bargain prices by the rest of the street.
Fear mongering. They said they would reduce IBD RWA to 25%, which doesn't necessarily mean huge headcount reductions.
UBS management mentioned $6bn of cost savings from staff cuts on the analyst call this evening..
I honestly think CS and UBS have no communication. CS said merger to be completed by end of year in press release, UBS said Q2'2023 in presentation. Hope is that UBS said they'll retain the 'strategic banking' business (I'm assuming advisory) and put the rest of the investment bank in a bad bank so sounds like no spin off
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